BAKU, Azerbaijan, Feb. 22
By Matanat Nasibova - Trend:
The construction of the largest project in Azerbaijan’s Sumgayit city, which is carried out and financed by the country’s PMD Group company specializing in investment, asset management and development in the real estate sector, is in the second phase, a source in the company told Trend.
According to the source, it is about the construction of the largest housing estate in Sumgayit on an area of 86,000 square meters.
“Currently, the company has completed over 40 percent of the construction work on the project. This expensive project envisages construction of nine buildings of the Premium class residential complex, the average cost of which is 1,100 manat ($647) per square meter,” the source said.
“The cost of the project will be about 50 million manat ($29.4 million). The project provides for the construction of 446 apartments and 511 underground parking spaces for cars. The completion date for the construction of the residential complex is scheduled for July 2020. The project will meet European quality standards” the source added.
The project is being constructed by a Scandinavian company that installs a ventilation and air conditioning system, as well as a Turkish company that installs doors and windows.
PMD Group's partners are Kapital Bank, Absheron Hotel, ADA University.
The company has implemented such projects as the Vurgun Residence residential complex, located near the Park of Officers in Baku, which consists of 18 floors and has been constructed in accordance with the modern architectural standards.
Among other projects of the company is the restoration of Molokan Palace and the construction of the BEGOC Business Center, which is a multi-purpose building that meets the modern quality standards and other projects.
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